Coworking space aggregator Cofynd helps businesses, individuals make right choice
India is the second largest market for flexible workspaces in the Asia-Pacific region after China, with over 1,000 coworking spaces. The cumulative area under coworking spaces in India currently stands at 6.9 million square feet, according to real-estate consultancy JLL, and this is expected to double by 2022.
But finding the right coworking space isn’t easy. Big names like WeWork, Indiqube, and CoWork offer options along with many local startups. Which one’s right for you? Delhi-NCR based CoFynd seeks to answer this question.
Founded by Atul Gupta and Fahad Modi Khan in 2019, CoFynd is an online aggregator of coworking spaces and can help you find a place that works for you anytime, anywhere.
“The biggest drawback often is inadequate platforms that offer limited/biased information and reviews. CoFynd recognised these gaps, and we came up with a user-friendly platform that provides unbiased information. We offer real images of co-working centres and offline support,” says Atul Gupta, Co-founder of CoFynd.
Atul and Fahad met at a networking event in early 2019. Atul, who worked in real estate, was closely working with a few coworking companies, helping them find the right real estate for setting up centres and consulting with them to design the space. He realised that the bigger challenge for a coworking space was to get clients after it was opened.
Research and visiting various spaces led to the idea of aggregating coworking spaces. He realised that the right technology would be pivotal, and the need for the right tech team was vital.
Fahad, a techie, was in as soon as he heard the idea and joined as co-founder. He brings in tech expertise while Atul has operational and business skills. The duo bootstrapped CoFynd in May.
How it works
The online aggregator offers the best choices for its users, which includes freelancers, SMEs, and enterprise clients. It offers access to 10,000 workspaces and 312-plus coworking locations in three cities. “We have a user-friendly platform to search and book the right workspace, and offer 100 percent offline support,’’ Fahad says.
Once a user is registered on CoFynd, s/he can search for a workspace of their choice. S/he can choose from a coworking space, meeting room, event space, training room, or private space. Users can even list his or her favourite spaces. The company offers quarterly and yearly plans.
“After an inquiry is generated on the platform, our sales team speaks to the user and understands the requirement. It follows up with a list of suitable options. Once the client is satisfied, the sales team assists with a physical visit to decide the right workspace,” Atul says.
CoFynd then assists the user in signing a membership agreement with the coworking space provider and offers support to “ensure a great experience”.
The startup also functions as an end-to-end solution provider to coworking spaces. It helps coworking companies identify the right real estate, negotiate the best price, take care of the legal drafting and paperwork, and design the most efficient plan (including floor plan design, acoustic and noise cancellation consulting, temperature consulting and so on). Once the centre is ready, CoFynd helps in brand positioning and marketing.
The company presently works closely with more than 10 partners in the Delhi region. In the next 18 months, CoFynd aims to be operational in Bengaluru, Hyderabad, Pune, Mumbai, Ahmedabad, and Coimbatore.
CoFynd claims revenues close to Rs 1 crore at present. The founders did not wish to disclose their investments, and say they have raised a seed round.
The coworking space aggregator can also partner with companies like InstaOffice, RedBricks, and Innov8.
The founders believe that many startups will be looking for cheaper working options after resolution of the coronavirus pandemic, which will help them make further inroads. The company will be expanding rapidly after the COVID-19 pandemic as many companies will want to expand into coworking options and will need flexible working options.
(Edited by Teja Lele Desai)